- Inflation in Switzerland fell further in May, to 2.2 percent.
- In April it was still 2.6 percent.
- Inflation was last as low as in May in February 2022.
In the first two months, inflation rose to 3.4 percent due to higher electricity and airfare prices, since then it has been falling steeply. The decline was as expected. Experts had estimated a value between 2.0 and 2.3 percent.
Price increase of imported goods slowed down
Domestic goods cost 2.4 percent more in May than a year earlier, and imported goods 1.4 percent. This means that imported goods in particular have not risen as much as in April. Core inflation, which excludes volatile commodities such as food, energy and fuel, fell to 1.9 from 2.2 percent.
Compared to the previous month, the national consumer price index (CPI) rose by 0.3 percent to 106.3 points. Analysts had estimated a value between 0.0 and +0.4 percent. According to the BFS, the increase was due, among other things, to higher prices for apartment rentals and package tours abroad.
Development decisive for SNB interest rate decision
The development of inflation is one of the decisive factors for the Swiss National Bank’s (SNB) interest rate decision, which is scheduled for June 22nd. Most economists are currently assuming that the SNB will raise the key interest rate by a further 25 basis points to 1.75 percent.
SRF 4 News, June 5, 2023, 9 a.m.; sda/spic;hosb
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